Which of the Following Is a Characteristic of Perfect Competition

question 147

Multiple Choice

Which of the following is a characteristic of perfect competition?

• A)Large barriers to entry.
• B)A small number of firms.
• C)Firms selling unique goods.
• D)None of the alternatives are characteristics of perfect competition.

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Definitions:

Manifested

The demonstration or display of the existence or presence of something through observable evidence.

Nondelegable Duty

A legal principle that refers to obligations that cannot be transferred to another party and must be performed by the one originally obligated.

Subagent

An agent appointed by another agent to perform tasks or services on behalf of the original agent's client.

Co-agent

An individual or entity appointed alongside another agent to act on behalf of a principal, sharing responsibilities and authority.